NYC’s population is declining, but it’s not just the wealthy who are fleeing
After two consecutive years of steady growth, New York City saw its overall population shrink by 2025, fueled by an exodus of local residents across all income brackets.
A new study from the Citizens Budget Commissiona nonprofit civilian think tank, shows that the Big Apple’s net population, which accounts for all gains (from births and immigration) and losses (from deaths and immigration), fell by 12,000 last year.
This decline follows strong post-pandemic gains, with the city’s total population growing by 70,000 in 2023 and 163,000 in 2024, mainly due to an influx of migrants and asylum seekers.
When stricter federal and local immigration policies took effect in 2025, international immigration fell by 70% while domestic migration escalated, reversing previous growth.
In total, New York City lost 114,000 more residents to other US cities than last year. While this is an increase from the net loss of 94,000 from domestic moves in 2024, it remains significantly lower than the peak pandemic loss of 330,000 in 2021.
Who’s leaving the Big Apple?
The research shows a significant shift in migration: while the pandemic led to a sharp increase in departures among the top 40% of earners in New York, the trend shifted toward the bottom 40% by 2024. The data shows that there is a displacement crisis that now spans the entire socio-economic spectrum.
“More New York City residents of all incomes, races, ethnicities and ages have moved to other parts of the U.S. than have moved,” the report said. “Such broad domestic outmigration shows that many New Yorkers in a variety of situations no longer find New York City’s value proposition compelling.”
The study’s authors suggest that the loss of working- and middle-class New Yorkers likely reflects the high cost of living in the five boroughs and possibly the quality of services, including schools.
“It is a barometer of the challenges of raising a family in New York City,” they write.
The study indicates that housing is one of the biggest factors influencing whether residents move to, stay or leave New York City.
Rising rents, tight inventories, and persistent affordability headwinds leave New Yorkers both struggling with costs and short of viable housing options.
At the end of 2025, the city’s average asking rent rose nearly 7%, or $223, from a year ago to $3,585, according to a quarterly rental report from Realtor.com®.
In addition, nearly 90% of renters remained resident, well above national and comparable market levels, leaving few rental properties available for new households.
Population loss and housing
Economist from Realtor.com Jiayi Xu says that while the city’s recent population loss should ease the rental market crisis, the latest data suggests that average asking rents continue to rise year-on-year.
“The reason is simple: emigration does not solve a supply crisis,” says Xu. “The city’s housing stock is so chronically undersupplied that even a shrinking tenant pool faces vacancy rates below 2%.”
The economist adds that new housing development has been concentrated in just a few areas and skewed toward luxury, leaving little being done to address the persistent shortages and affordability issues facing most New Yorkers.
“When supply is so limited, modest shifts in demand simply don’t register,” Xu adds.
Mayor Zohran Mamdani ran a campaign promising a rent freeze to improve housing affordability, but economists have warned this could reduce tenant turnover even further, effectively stalling the city’s rental market.
Recent research from Realtor.com found that the average renter in New York needs a $70,000 annual salary increase to afford a move to a new apartment, leaving many sheltering in place and freezing supply.
Where are New Yorkers going?
Most New Yorkers who choose to leave the city stay in the area, often moving to Long Island, Westchester and neighboring states such as New Jersey, Connecticut and Pennsylvania, the study said.
Those who leave the region typically move to Florida, California, Texas, North Carolina and Georgia.
“People leaving the city may choose a place that offers them higher value through a better mix of quality of life and cost of living,” the report said. “Florida and Texas in particular have lower taxes. New Jersey and the rest of New York State apparently offer amenities that make the choice to leave worthwhile for some, despite relatively high taxes.”
